Why Life Insurance Matters: Understanding the Types and Why You Shouldn't Wait

The Boynton Blueprint
4 days ago
4 min read

Updated: 1 day ago

No one really wants to talk about life insurance. Talking about life insurance means we have to talk about my demise. Who wants to think about it, let alone

discuss it? I know, it's a pretty morbid conversation, but let's be real, unfortunately it's a part of life, It's easier to face it now, then leave your loved-ones in limbo after you have transitioned. Let's talk about it.

Life is full of what-ifs—and while we can’t control everything, we can prepare for the unexpected. For many women—whether you're a caregiver, a working mom, a business owner, or all three—life insurance is not just a financial tool, it’s an act of love and empowerment. It’s how we protect those we love and secure their future, even when we can’t be there physically.

This is where I insert the small print. I am not an insurance broker, agent, or any of that. I am just giving you general information, you should seek a professional agent for any questions. This blog is to spark thoughts and conversation.

Now that the small print is out of the way, let's talk about life insurance. Life insurance, according to Forbes.com is a contract between you and the insurance company, when you pay your scheduled premium, the insurance company will in turn, pay your beneficiary a lump sum death benefit upon your death. It's designed to ease the financial burden of those left behind. Your beneficiary can use the cash payment for whatever they choose. They can pay for your funeral, or memorial, pay bills, a college fund, send to your favorite charity or to continue to maintain your families current lifestyle, It is important to have a conversation or ( put it in writing) with your beneficiary on what your wishes are.

With so many types of policies and confusing jargon, it’s easy to put it off. Let’s break it down together.

Whole Life Insurance (or Permanent Insurance)

Lifelong coverage (as long as you pay the premiums)
Builds cash value over time you can borrow from
Typically more expensive, but offers long-term benefits

Why it’s great: It’s an investment in your legacy. It ensures your loved ones will receive a benefit no matter when you pass, and the cash value can support you in life too.

Term Life Insurance

Coverage for a set period (e.g., 10, 20, or 30 years)
Lower cost, especially for younger policyholders
Ideal if you’re looking to cover responsibilities like mortgage payments, childcare, or other time-bound needs

Why it's great: It’s affordable and straightforward. Perfect for young families or women building financial stability.

Universal Life Insurance (UL)

A type of permanent life insurance that offers flexibility in both your premium payments and your death benefit. It also builds cash value over time, which earns interest based on a fixed rate or a market index.

Why it's great:

Flexibility: You can increase or decrease your premium payments and death benefit within certain limits.
Cash value grows over time and can be borrowed against.
Great for those who want a long-term plan with some adjustable features as life changes (e.g., income shifts, raising kids, or preparing for retirement).
Useful for people who like more control over their policy and need a permanent safety net.

Best for: Those who want lifelong coverage, flexible payments, and a mix of insurance + investment benefits without too much risk.

Variable Life Insurance

What it is: Variable life insurance is also a permanent policy, but your cash value is invested in sub-accounts (similar to mutual funds). This means your cash value—and potentially your death benefit—can grow based on market performance, but also carry investment risk.

Why it's great

Potential for higher returns than whole or universal life (if the market performs well).
Appeals to people who are comfortable with investing and want to build wealth inside their life insurance.
Allows for investment diversification within a single policy.
Could be part of a broader wealth-building or estate strategy.

Best for: Those with a higher risk tolerance, some investment experience, and the desire to maximize long-term gains through their insurance plan.

Quick Comparison Chart:

Feature	Universal Life (UL)	Variable Life (VUL)
Coverage Length	Lifetime	Lifetime
Premium Flexibility	✅ Yes	✅ Yes
Cash Value	✅ Yes, earns interest	✅ Yes, invested in market
Investment Risk	❌ Low (fixed/guaranteed)	⚠️ High (market risk involved)
Growth Potential	Moderate	High (market-dependent)
Best For	Flexibility + safety seekers	Risk-tolerant wealth builders

Why You Shouldn’t Wait

💡 Premiums go up as you age

💡 Health changes can limit your options

💡 It brings peace of mind—right now

💡 Your income and caregiving have value—protect it

💡 It’s part of a complete financial plan

I want to highlight health changes can limit your options. If you become sick, have a pre-existing condition, or receive a diagnosis, it may be difficult to obtain a policy, or it may be very expensive. Purchasing a plan when you and your children are young and healthy may be a great idea.

Think of life insurance as a financial foundation, just like having savings or a retirement plan. It’s not just for the “what if,” it’s for the “I want to make sure.”

Real Talk: Who Needs It?

Single moms who want to secure their children’s future
Wives and partners contributing income or caregiving
Caregivers taking care of aging parents
Business owners protecting their family and business interests
Women nearing retirement who want to leave a legacy or reduce the financial burden on loved ones

You are not replaceable, but your income and the role you play in your family’s life can be protected. Life insurance isn’t about fear—it’s about freedom. The freedom to live fully knowing your loved ones are covered. Start with what you can afford and grow from there. The best policy is the one you have in place.

👉 Want a simple way to get started? Download my free Life Insurance Planning Checklist—a step-by-step guide to help you confidently take action today.